Industrialists say government should work in partnership with the private sector towards setting up value addition plants for the nation to realise increased revenue.
The first half of the year has seen the country’s exports rising to US$2.6 billion though concerns have been raised at the rate of exportation of unfinished goods owing to lack of value addition plants.
This year imports are projected to hit US$8.2 billion while exports are projected to be US$5.1 billion, widening the country’s trade deficit.
Government is said to be failing to offer incentives to industry for the setting up of the value addition plants.
Industrialist, Mr Simon Takainga said there is need for huge investment in the setting up of value addition firms in the country to ensure that government rakes in more revenue as exporters will trade finished goods on the international market.
The country boasts of vast mineral deposits which are exported in their raw form, generating less revenue compared with countries that export finished products.
The mining sector accounted for 73% of the total export earnings with diamonds having exported 7.15 million carats last year.
Platinum raked in US$379 million.
Industrialist, Mr Dominic Jairos said value addition is critical for the growth of the economy, hence the need for government to assist mining firms towards setting up value addition plants for increased revenue.
Zimbabwe exports several products into regional and international markets from agricultural products to manufactured items.
Economists believe the setting up of value addition plants will boost the country’s economic growth as well as increasing the nation’s export receipts.